家电板块2024Q3业绩总结：告别平淡Q3，迎来Q4拐点

Investment Rating - The report maintains an "Overweight" rating for the home appliance sector, indicating a positive outlook for the upcoming quarter [2][4]. Core Insights - The Q3 performance of the home appliance sector was generally flat, with most categories experiencing revenue declines or profit growth without revenue growth. However, the white goods segment showed stable operations, and the sector is expected to see a turning point in Q4 due to the effects of the "trade-in" policy and the upcoming Double Eleven sales event [4][9]. - The overall revenue and profit growth for the home appliance sector in Q3 2024 was +1.5% and +0.7% year-on-year, respectively, which represents a decline from Q2 by 3.8 percentage points and 8.3 percentage points [9][10]. - The white goods segment demonstrated resilience with revenue and profit growth rates of 0.9% and 9.8%, respectively, despite a weak domestic demand environment in July and August [8][9]. Summary by Sections 1. Performance Overview - The home appliance sector's Q3 performance was characterized by flat growth, with revenue and profit growth slowing down compared to previous quarters. The white goods segment was the main contributor to the overall performance, achieving revenue and profit growth of 0.9% and 9.8% respectively [9][10]. - The black goods segment faced challenges, with revenue growth of +10.0% but a profit decline of -24.9%, primarily due to rising panel prices [8][9]. 2. Company Analysis - Among the 32 companies covered, only a few exceeded revenue and profit expectations in Q3. Notably, white goods companies generally met expectations, while traditional kitchen appliance leaders performed steadily. However, integrated stove performance significantly lagged behind expectations [17][18]. 3. Cash Flow - The overall cash flow for the home appliance sector improved in Q3, driven mainly by the white goods segment. The net operating cash flow for the sector reached 57 billion yuan, reflecting a year-on-year increase of 14.5% [21][22]. 4. Institutional Holdings - Fund holdings in the home appliance sector reached a historical high, with the proportion of holdings increasing to the highest level in nearly two years. This indicates a growing confidence among institutional investors in the sector's potential [21].